Companies Act 2013 (sections effective from 12.09.2013)

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Information about Companies Act 2013 (sections effective from 12.09.2013)
Finance

Published on February 27, 2014

Author: shettymg

Source: slideshare.net

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Companies Bill 2013 (98 sections effective from 12th September, 2013) & related circulars

abm & associates LLP CHARTERED ACCOUNTANTS Issue: March 2014 Companies Act 2013 Sections effective from th September, 2013 abmllp.com Navi Mumbai | Pune | Kolhapur

abm & associates LLP CHARTERED ACCOUNTANTS Contents Sections Page No. 2. Definitions. 7 19. Subsidiary company not to hold shares in its holding company. 22 21. Authentication of documents, proceedings and contracts. 23 22. Execution of bills of exchange, etc. 23 23. Public offer and private placement. 24 24. Power of Securities and Exchange Board to regulate issue and transfer of securities, etc. 24 25. Document containing offer of securities for sale to be deemed prospectus. 25 29. Public offer of securities to be in dematerialised form. 26 30. Advertisement of prospectus. 27 31. Shelf prospectus. 27 32. Red herring prospectus. 28 33. Issue of application forms for securities. 29 34. Criminal liability for Misstatements in prospectus. 29 35. Civil liability for misstatements in prospectus. 29 36. Punishment for Fraudulently inducing persons to invest money. 31 37. Action by affected persons. 31 38. Punishment for personation for acquisition, etc., of securities. 31 39. Allotment of securities by company. 32 Head Office: Navi Mumbai Branches: Pune | Kolhapur 1

abm & associates LLP CHARTERED ACCOUNTANTS Sections Page No. 40. Securities to be dealt with in stock exchanges. 33 44. Nature of shares or debentures. 34 45. Numbering of shares. 34 49. Calls on shares of same class to be made on uniform basis. 34 50. Company to accept unpaid share capital, although not called up. 34 51. Payment of dividend in proportion to amount paid-up 35 57. Punishment for personation of shareholder. 35 58. Refusal of registration and appeal against refusal. 35 59. Rectification of register of members. 37 60. Publication of authorised, subscribed and paid-up capital. 38 65. Unlimited company to provide for reserve share capital on conversion into limited company. 38 69. Transfer of certain sums to capital redemption reserve account. 39 70. Prohibition for buy-back in certain circumstances. 39 86. Punishment for contravention. 40 91. Power to Close register of members or debenture holders or other security holders. 40 100. Calling of Extraordinary general meeting. 40 102. Statement to be annexed to notice. 41 103. Quorum for meetings. 43 Head Office: Navi Mumbai Branches: Pune | Kolhapur 2

abm & associates LLP CHARTERED ACCOUNTANTS Sections Page No. 104. Chairman of meetings. 44 105. Proxies. 45 106. Restriction on voting rights. 46 107. Voting by show of hands. 47 111. Circulation of members’ resolution. 47 112. Representation of President and Governors in meetings. 49 113. Representation Of corporations at meeting of companies and of creditors. 49 114. .Ordinary and Special resolutions. 49 116. Resolutions passed at adjourned meeting. 50 127. Punishment for failure to distribute dividends. 51 133. Central Government to prescribe accounting standards. 51 161. Appointment of additional director, alternate director and nominee director. 52 162. Appointment of directors to be voted individually. 52 163. Option to Adopt principle of proportional representation for appointment of directors. 53 176. Defects in Appointment of directors not to invalidate actions taken. 53 180. Restrictions on powers of Board. 53 181. Company to contribute to bona fide and charitable funds, etc. 56 182. Prohibitions And restrictions regarding political contributions 56 Head Office: Navi Mumbai Branches: Pune | Kolhapur 3

abm & associates LLP CHARTERED ACCOUNTANTS Sections Page No. 183. Power of Board and other persons to make contributions to national defence fund, etc. 58 185. Loan to directors, etc. 58 192. Restriction on non-cash transactions involving directors. 60 194. Prohibition On forward dealings in securities of company by director or key managerial personnel. 61 195. Prohibition On insider trading of securities. 62 202. Compensation for loss of office of managing or whole-time director or manager. 63 379. Application of Act to foreign companies. 64 382. Display of name, etc., of foreign company. 65 383. Service on foreign company. 66 386. Interpretation. 66 394. Annual reports on Government companies. 66 405. Power of Central Government to direct companies to furnish information or statistics. 67 407. Definitions. 68 408. Constitution of National Company Law Tribunal. 68 409. Qualification of President and Members of Tribunal. 68 410. Constitution of Appellate Tribunal. 70 411. Qualifications of chairperson and Members of Appellate Tribunal. 70 Head Office: Navi Mumbai Branches: Pune | Kolhapur 4

abm & associates LLP CHARTERED ACCOUNTANTS Sections Page No. 412. Selection of Members of Tribunal and Appellate Tribunal. 71 413. Term of office of President, chairperson and other Members. 71 414. Salary, allowances and other terms and conditions of service of Members. 73 439. Offences to be noncognizable. 73 443. Power of Central Government to appoint company prosecutors. 74 444. Appeal against acquittal. 74 445. Compensation for accusation without reasonable cause. 74 446. Application of fines. 75 447. Punishment for fraud. 75 448. Punishment for false statement. 76 449. Punishment for false evidence. 76 450. Punishment where no specific penalty or punishment is provided. 76 451. Punishment in case of repeated default. 77 452. Punishment for wrongful withholding of property. 77 453. Punishment for improper use of “Limited” or “Private Limited”. 78 456. Protection of action taken in good faith. 78 457. Nondisclosure of information in certain cases. 78 458. Delegation by Central Government of its powers and functions. 79 459. Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications. Head Office: Navi Mumbai Branches: Pune | Kolhapur 79 5

abm & associates LLP CHARTERED ACCOUNTANTS Sections Page No. 460. Condonation of delay in certain cases. 80 461. Annual report by Central Government. 81 462. Power to exempt class or classes of companies from provisions of this Act. 81 463. Power of court to grant relief in certain cases. 81 467. Power of Central Government to amend Schedules. 82 468. Powers of Central Government to make rules relating to winding up. 83 469. Power of Central Government to make rules. 84 470. Power to remove difficulties. 85 Circular: Clarification on the notification dated 12.09.2013 86 Circular: Clarification with regard to applicability of provision of Section 372A of the Companies Act, 1956. 88 Circular: Clarification with regard to applicability of section 182(3) of the Companies Act, 2013. 89 Circular: Clarification with regard to holding of shares or exercising power in a fiduciary capacity - Holding and Subsidiary relationship under Section 2(87) of the Companies Act, 2013. 91 Clarification with regard to Section 185 of the Companies Act, 2013 93 Head Office: Navi Mumbai Branches: Pune | Kolhapur 6

abm & associates LLP CHARTERED ACCOUNTANTS 2. Definitions. In this Act, unless the context otherwise requires,— (1) “abridged prospectus” means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board by making regulations in this behalf; (3) “alter” or “alteration” includes the making of additions, omissions and substitutions; (4) “Appellate Tribunal” means the National Company Law Appellate Tribunal constituted under section 410; (5) “articles” means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act; (6) “associate company”, in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company. Explanation.—For the purposes of this clause, “significant influence” means control of at least twenty per cent. of total share capital, or of business decisions under an agreement; (14) “branch office”, in relation to a company, means any establishment described as such by the company; (15) “called-up capital” means such part of the capital, which has been called for payment; (16) “charge” means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage; (17) “chartered accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Head Office: Navi Mumbai Branches: Pune | Kolhapur 7

abm & associates LLP CHARTERED ACCOUNTANTS Accountants Act, 1949 who holds a valid certificate of practice under sub-section (1) of section 6 of that Act; (18) “Chief Executive Officer” means an officer of a company, who has been designated as such by it; (19) “Chief Financial Officer” means a person appointed as the Chief Financial Officer of a company; (20) “company” means a company incorporated under this Act or under any previous company law; (21) “company limited by guarantee” means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up; (22) “company limited by shares” means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them; (24) “company secretary” or “secretary” means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a company secretary under this Act; (25) “company secretary in practice” means a company secretary who is deemed to be in practice under sub-section (2) of section 2 of the Company Secretaries Act, 1980; (26) “contributory” means a person liable to contribute towards the assets of the company in the event of its being wound up. Explanation.—For the purposes of this clause, it is hereby clarified that a person holding fully paid-up shares in a company shall be considered as a contributory but shall have no liabilities of a contributory under the Act whilst retaining rights of such a contributory; Head Office: Navi Mumbai Branches: Pune | Kolhapur 8

abm & associates LLP CHARTERED ACCOUNTANTS (27) “control” shall include the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders agreements or voting agreements or in any other manner; (28) “cost accountant” means a cost accountant as defined in clause (b) of subsection (1) of section 2 of the Cost and Works Accountants Act, 1959; (29) “court” means— (i) the High Court having jurisdiction in relation to the place at which the registered office of the company concerned is situate, except to the extent to which jurisdiction has been conferred on any district court or district courts subordinate to that High Court under sub-clause (ii); (ii) the district court, in cases where the Central Government has, by notification, empowered any district court to exercise all or any of the jurisdictions conferred upon the High Court, within the scope of its jurisdiction in respect of a company whose registered office is situate in the district; (iii) the Court of Session having jurisdiction to try any offence under this Act or under any previous company law; (v) any Metropolitan Magistrate or a Judicial Magistrate of the First Class having jurisdiction to try any offence under this Act or under any previous company law; (30) “debenture” includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not; (32) “depository” means a depository as defined in clause (e) of subsection (1) of section 2 of the Depositories Act, 1996; Head Office: Navi Mumbai Branches: Pune | Kolhapur 9

abm & associates LLP CHARTERED ACCOUNTANTS (33) “derivative” means the derivative as defined in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956; (34) “director” means a director appointed to the Board of a company; (35) “dividend” includes any interim dividend; (36) “document” includes summons, notice, requisition, order, declaration, form and register, whether issued, sent or kept in pursuance of this Act or under any other law for the time being in force or otherwise, maintained on paper or in electronic form; (37) “employees’ stock option” means the option given to the directors, officers or employees of a company or of its holding company or subsidiary company or companies, if any, which gives such directors, officers or employees, the benefit or right to purchase, or to subscribe for, the shares of the company at a future date at a predetermined price; (38) “expert” includes an engineer, a valuer, a chartered accountant, a company secretary, a cost accountant and any other person who has the power or authority to issue a certificate in pursuance of any law for the time being in force; (39) “financial institution” includes a scheduled bank, and any other financial institution defined or notified under the Reserve Bank of India Act, 1934; (40) “financial statement” in relation to a company, includes— (i) a balance sheet as at the end of the financial year; (ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year; (iii) cash flow statement for the financial year; (iv) a statement of changes in equity, if applicable; and Head Office: Navi Mumbai Branches: Pune | Kolhapur 10

abm & associates LLP CHARTERED ACCOUNTANTS (v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv): Provided that the financial statement, with respect to One Person Company, small company and dormant company, may not include the cash flow statement; (43) “free reserves” means such reserves which, as per the latest audited balance sheet of a company, are available for distribution as dividend: Provided that— (i) any amount representing unrealised gains, notional gains or revaluation of assets, whether shown as a reserve or otherwise, or (ii) any change in carrying amount of an asset or of a liability recognised in equity, including surplus in profit and loss account on measurement of the asset or the liability at fair value, shall not be treated as free reserves; (44) “Global Depository Receipt” means any instrument in the form of a depository receipt, by whatever name called, created by a foreign depository outside India and authorised by a company making an issue of such depository receipts; (45) “Government company” means any company in which not less than fiftyone per cent. of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government company; (46) “holding company”, in relation to one or more other companies, means a company of which such companies are subsidiary companies; Head Office: Navi Mumbai Branches: Pune | Kolhapur 11

abm & associates LLP CHARTERED ACCOUNTANTS (49) “interested director” means a director who is in any way, whether by himself or through any of his relatives or firm, body corporate or other association of individuals in which he or any of his relatives is a partner, director or a member, interested in a contract or arrangement, or proposed contract or arrangement, entered into or to be entered into by or on behalf of a company; (50) “issued capital” means such capital as the company issues from time to time for subscription; (51) “key managerial personnel”, in relation to a company, means— (i) the Chief Executive Officer or the managing director or the manager; (ii) the company secretary; (iii) the whole-time director; (iv) the Chief Financial Officer; and (v) such other officer as may be prescribed; (52) “listed company” means a company which has any of its securities listed on any recognised stock exchange; (53) “manager” means an individual who, subject to the superintendence, control and direction of the Board of Directors, has the management of the whole, or substantially the whole, of the affairs of a company, and includes a director or any other person occupying the position of a manager, by whatever name called, whether under a contract of service or not; (54) “managing director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of the affairs of the company and includes a director occupying the position of managing director, by whatever name called. Head Office: Navi Mumbai Branches: Pune | Kolhapur 12

abm & associates LLP CHARTERED ACCOUNTANTS Explanation.—For the purposes of this clause, the power to do administrative acts of a routine nature when so authorised by the Board such as the power to affix the common seal of the company to any document or to draw and endorse any cheque on the account of the company in any bank or to draw and endorse any negotiable instrument or to sign any certificate of share or to direct registration of transfer of any share, shall not be deemed to be included within the substantial powers of management; (55) “member”, in relation to a company, means— (i) the subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members; (ii) every other person who agrees in writing to become a member of the company and whose name is entered in the register of members of the company; (iii) every person holding shares of the company and whose name is entered as a beneficial owner in the records of a depository; (56) “memorandum” means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act; (57) “net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation; (58) “notification” means a notification published in the Official Gazette and the expression “notify” shall be construed accordingly; Head Office: Navi Mumbai Branches: Pune | Kolhapur 13

abm & associates LLP CHARTERED ACCOUNTANTS (59) “officer” includes any director, manager or key managerial personnel or any person in accordance with whose directions or instructions the Board of Directors or any one or more of the directors is or are accustomed to act; (60) “officer who is in default”, for the purpose of any provision in this Act which enacts that an officer of the company who is in default shall be liable to any penalty or punishment by way of imprisonment, fine or otherwise, means any of the following officers of a company, namely:— (i) whole-time director; (ii) key managerial personnel; (iii) where there is no key managerial personnel, such director or directors as specified by the Board in this behalf and who has or have given his or their consent in writing to the Board to such specification, or all the directors, if no director is so specified; (iv) any person who, under the immediate authority of the Board or any key managerial personnel, is charged with any responsibility including maintenance, filing or distribution of accounts or records, authorises, actively participates in, knowingly permits, or knowingly fails to take active steps to prevent, any default; (v) any person in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act, other than a person who gives advice to the Board in a professional capacity; (vi) every director, in respect of a contravention of any of the provisions of this Act, who is aware of such contravention by virtue of the receipt by him of any proceedings of the Board or participation in such proceedings without objecting to the same, or where such contravention had taken place with his consent or connivance; Head Office: Navi Mumbai Branches: Pune | Kolhapur 14

abm & associates LLP CHARTERED ACCOUNTANTS (vii) in respect of the issue or transfer of any shares of a company, the share transfer agents, registrars and merchant bankers to the issue or transfer; (61) “Official Liquidator” means an Official Liquidator appointed under sub-section (1) of section 359; (63) "ordinary or special resolution" means an ordinary resolution, or as the case may be, special resolution referred to in section 114; (64) “paid-up share capital” or “share capital paid-up” means such aggregate amount of money credited as paid-up as is equivalent to the amount received as paidup in respect of shares issued and also includes any amount credited as paid-up in respect of shares of the company, but does not include any other amount received in respect of such shares, by whatever name called; (65) “postal ballot” means voting by post or through any electronic mode; (66) “prescribed” means prescribed by rules made under this Act; (67) “previous company law” means any of the laws specified below:— (i) Acts relating to companies in force before the Indian Companies Act, 1866; (ii) the Indian Companies Act, 1866; (iii) the Indian Companies Act, 1882; (iv) the Indian Companies Act, 1913; (v) the Registration of Transferred Companies Ordinance, 1942; (vi) the Companies Act, 1956; and (vii) any law corresponding to any of the aforesaid Acts or the Ordinances and in force— Head Office: Navi Mumbai Branches: Pune | Kolhapur 15

abm & associates LLP CHARTERED ACCOUNTANTS (A) in the merged territories or in a Part B State (other than the State of Jammu and Kashmir), or any part thereof, before the extension thereto of the Indian Companies Act, 1913; or (B) in the State of Jammu and Kashmir, or any part thereof, before the commencement of the Jammu and Kashmir (Extension of Laws) Act, 1956, in so far as banking, insurance and financial corporations are concerned, and before the commencement of the Central Laws (Extension to Jammu and Kashmir) Act, 1968, in so far as other corporations are concerned; (viii) the Portuguese Commercial Code, in so far as it relates to sociedades anonimas; (68) “private company” means a company having a minimum paid-up share capital of one lakh rupees or such higher paid-up share capital as may be prescribed, and which by its articles,— (i) restricts the right to transfer its shares; (ii) except in case of One Person Company, limits the number of its members to two hundred: Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this clause, be treated as a single member: Provided further that— (A) persons who are in the employment of the company; and (B) persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased, Head Office: Navi Mumbai Branches: Pune | Kolhapur 16

abm & associates LLP CHARTERED ACCOUNTANTS shall not be included in the number of members; and (iii) prohibits any invitation to the public to subscribe for any securities of the company; (69) “promoter” means a person— (a) who has been named as such in a prospectus or is identified by the company in the annual return referred to in section 92; or (b) who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise; or (c) in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act: Provided that nothing in sub-clause (c) shall apply to a person who is acting merely in a professional capacity; (70) “prospectus” means any document described or issued as a prospectus and includes a red herring prospectus referred to in section 32 or shelf prospectus referred to in section 31 or any notice, circular, advertisement or other document inviting offers from the public for the subscription or purchase of any securities of a body corporate; (71) “public company” means a company which— (a) is not a private company; (b) has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital, as may be prescribed: Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles ; (72) “public financial institution” means— Head Office: Navi Mumbai Branches: Pune | Kolhapur 17

abm & associates LLP CHARTERED ACCOUNTANTS (i) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956; (ii) the Infrastructure Development Finance Company Limited, referred to in clause (vi) of sub-section (1) of section 4A of the Companies Act, 1956 so repealed under section 465 of this Act; (iii) specified company referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002; (iv) institutions notified by the Central Government under subsection (2) of section 4A of the Companies Act, 1956 so repealed under section 465 of this Act; (v) such other institution as may be notified by the Central Government in consultation with the Reserve Bank of India: Provided that no institution shall be so notified unless— (A) it has been established or constituted by or under any Central or State Act; or (B) not less than fifty-one per cent. of the paid-up share capital is held or controlled by the Central Government or by any State Government or Governments or partly by the Central Government and partly by one or more State Governments; (73) “recognised stock exchange” means a recognised stock exchange as defined in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; (74) “register of companies” means the register of companies maintained by the Registrar on paper or in any electronic mode under this Act; (75) “Registrar” means a Registrar, an Additional Registrar, a Joint Registrar, a Deputy Registrar or an Assistant Registrar, having the Head Office: Navi Mumbai Branches: Pune | Kolhapur 18

abm & associates LLP CHARTERED ACCOUNTANTS duty of registering companies and discharging various functions under this Act; (76) “related party”, with reference to a company, means— (i) a director or his relative; (ii) a key managerial personnel or his relative; (iii) a firm, in which a director, manager or his relative is a partner; (iv) a private company in which a director or manager is a member or director; (v) a public company in which a director or manager is a director or holds along with his relatives, more than two per cent. of its paid-up share capital; (vi) any body corporate whose Board of Directors, managing director or manager is accustomed to act in accordance with the advice, directions or instructions of a director or manager; (vii) any person on whose advice, directions or instructions a director or manager is accustomed to act: Provided that nothing in sub-clauses (vi) and (vii) shall apply to the advice, directions or instructions given in a professional capacity; (viii) any company which is— (A) (B) (ix) a holding, subsidiary or an associate company of such company; or a subsidiary of a holding company to which it is also a subsidiary; such other person as may be prescribed; Head Office: Navi Mumbai Branches: Pune | Kolhapur 19

abm & associates LLP CHARTERED ACCOUNTANTS (77) ‘‘relative’’, with reference to any person, means any one who is related to another, if— (i) they are members of a Hindu Undivided Family; (ii) they are husband and wife; or (iii) one person is related to the other in such manner as may be prescribed; (78) “remuneration” means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Income-tax Act, 1961; (79) “Schedule” means a Schedule annexed to this Act; (80) “scheduled bank” means the scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934; (81) “securities” means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; (82) “Securities and Exchange Board” means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992; (84) “share” means a share in the share capital of a company and includes stock; (86) “subscribed capital” means such part of the capital which is for the time being subscribed by the members of a company; (87) “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company— (i) controls the composition of the Board of Directors; or Head Office: Navi Mumbai Branches: Pune | Kolhapur 20

abm & associates LLP CHARTERED ACCOUNTANTS (ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies: Provided that such class or classes of holding companies as may be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed. Explanation.—For the purposes of this clause,— (a) a company shall be deemed to be a subsidiary company of the holding company even if the control referred to in subclause (i) or sub-clause (ii) is of another subsidiary company of the holding company; (b) the composition of a company’s Board of Directors shall be deemed to be controlled by another company if that other company by exercise of some power exercisable by it at its discretion can appoint or remove all or a majority of the directors; (c) the expression “company” includes any body corporate; (88) “sweat equity shares” means such equity shares as are issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (89) “total voting power”, in relation to any matter, means the total number of votes which may be cast in regard to that matter on a poll at a meeting of a company if all the members thereof or their proxies having a right to vote on that matter are present at the meeting and cast their votes; (90) “Tribunal” means the National Company Law Tribunal constituted under section 408; Head Office: Navi Mumbai Branches: Pune | Kolhapur 21

abm & associates LLP CHARTERED ACCOUNTANTS (91) “turnover” means the aggregate value of the realisation of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year; (92) “unlimited company” means a company not having any limit on the liability of its members; (93) “voting right” means the right of a member of a company to vote in any meeting of the company or by means of postal ballot; (94) “whole-time director” includes a director in the whole-time employment of the company; (95) words and expressions used and not defined in this Act but defined in the Securities Contracts (Regulation) Act, 1956 or the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 shall have the meanings respectively assigned to them in those Acts. 19. Subsidiary company not to hold shares in its holding company. (1) No company shall, either by itself or through its nominees, hold any shares in its holding company and no holding company shall allot or transfer its shares to any of its subsidiary companies and any such allotment or transfer of shares of a company to its subsidiary company shall be void: Provided that nothing in this sub-section shall apply to a case— (a) where the subsidiary company holds such shares as the legal representative of a deceased member of the holding company; or (b) where the subsidiary company holds such shares as a trustee; or (c) where the subsidiary company is a shareholder even before it became a subsidiary company of the holding company: Head Office: Navi Mumbai Branches: Pune | Kolhapur 22

abm & associates LLP CHARTERED ACCOUNTANTS Provided further that the subsidiary company referred to in the preceding proviso shall have a right to vote at a meeting of the holding company only in respect of the shares held by it as a legal representative or as a trustee, as referred to in clause (a) or clause (b) of the said proviso. (2) The reference in this section to the shares of a holding company which is a company limited by guarantee or an unlimited company, not having a share capital, shall be construed as a reference to the interest of its members, whatever be the form of interest. 21. Authentication of documents, proceedings and contracts. Save as otherwise provided in this Act,— (a) a document or proceeding requiring authentication by a company; or (b) contracts made by or on behalf of a company, may be signed by any key managerial personnel or an officer of the company duly authorised by the Board in this behalf. 22. Execution of bills of exchange, etc. (1) A bill of exchange, hundi or promissory note shall be deemed to have been made, accepted, drawn or endorsed on behalf of a company if made, accepted, drawn, or endorsed in the name of, or on behalf of or on account of, the company by any person acting under its authority, express or implied. (2) A company may, by writing under its common seal, authorise any person, either generally or in respect of any specified matters, as its attorney to execute other deeds on its behalf in any place either in or outside India. (3) A deed signed by such an attorney on behalf of the company and under his seal shall bind the company and have the effect as if it were made under its common seal. Head Office: Navi Mumbai Branches: Pune | Kolhapur 23

abm & associates LLP CHARTERED ACCOUNTANTS 23. Public offer and private placement. (1) A public company may issue securities— (a) (c) (2) to public through prospectus (herein referred to as "public offer") by complying with the provisions of this Part; through a rights issue or a bonus issue in accordance with the provisions of this Act and in case of a listed company or a company which intends to get its securities listed also with the provisions of the Securities and Exchange Board of India Act, 1992 and the rules and regulations made thereunder. A private company may issue securities— (a) by way of rights issue or bonus issue in accordance with the provisions of this Act; Explanation.—For the purposes of this Chapter, "public offer" includes initial public offer or further public offer of securities to the public by a company, or an offer for sale of securities to the public by an existing shareholder, through issue of a prospectus. 24. Power of Securities and Exchange Board to regulate issue and transfer of securities, etc. (1) The provisions contained in this Chapter, Chapter IV and in section 127 shall,— (a) in so far as they relate to — (i) issue and transfer of securities; and (ii) non-payment of dividend, by listed companies or those companies which intend to get their securities listed on any recognised stock exchange in India, except as provided under this Act, be administered by Head Office: Navi Mumbai Branches: Pune | Kolhapur 24

abm & associates LLP CHARTERED ACCOUNTANTS the Securities and Exchange Board by making regulations in this behalf; (b) in any other case, be administered by the Central Government. Explanation.—For the removal of doubts, it is hereby declared that all powers relating to all other matters relating to prospectus, return of allotment, redemption of preference shares and any other matter specifically provided in this Act, shall be exercised by the Central Government, the Tribunal or the Registrar, as the case may be. (2) The Securities and Exchange Board shall, in respect of matters specified in subsection (1) and the matters delegated to it under proviso to sub-section (1) of section 458, exercise the powers conferred upon it under sub-sections (1), (2A), (3) and (4) of section 11, sections 11A, 11B and 11D of the Securities and Exchange Board of India Act, 1992. 25. Document containing offer of securities for sale to be deemed prospectus. (1) Where a company allots or agrees to allot any securities of the company with a view to all or any of those securities being offered for sale to the public, any document by which the offer for sale to the public is made shall, for all purposes, be deemed to be a prospectus issued by the company; and all enactments and rules of law as to the contents of prospectus and as to liability in respect of mis-statements, in and omissions from, prospectus, or otherwise relating to prospectus, shall apply with the modifications specified in subsections (3) and (4) and shall have effect accordingly, as if the securities had been offered to the public for subscription and as if persons accepting the offer in respect of any securities were subscribers for those securities, but without prejudice to the liability, if any, of the persons by whom the offer is made in respect of misstatements contained in the document or otherwise in respect thereof. Head Office: Navi Mumbai Branches: Pune | Kolhapur 25

abm & associates LLP CHARTERED ACCOUNTANTS (2) For the purposes of this Act, it shall, unless the contrary is proved, be evidence that an allotment of, or an agreement to allot, securities was made with a view to the securities being offered for sale to the public if it is shown— (a) (b) (4) that an offer of the securities or of any of them for sale to the public was made within six months after the allotment or agreement to allot; or that at the date when the offer was made, the whole consideration to be received by the company in respect of the securities had not been received by it. Where a person making an offer to which this section relates is a company or a firm, it shall be sufficient if the document referred to in sub-section (1) is signed on behalf of the company or firm by two directors of the company or by not less than one-half of the partners in the firm, as the case may be. 29. Public offer of securities to be in dematerialised form. (1) Notwithstanding anything contained in any other provisions of this Act,— (a) every company making public offer; and (b) such other class or classes of public companies as may be prescribed, shall issue the securities only in dematerialised form by complying with the provisions of the Depositories Act, 1996 and the regulations made thereunder. (2) Any company, other than a company mentioned in sub-section (1), may convert its securities into dematerialised form or issue its securities in physical form in accordance with the provisions of this Act or in dematerialised form in accordance with the provisions of the Depositories Act, 1996 and the regulations made thereunder. Head Office: Navi Mumbai Branches: Pune | Kolhapur 26

abm & associates LLP CHARTERED ACCOUNTANTS 30. Advertisement of prospectus. Where an advertisement of any prospectus of a company is published in any manner, it shall be necessary to specify therein the contents of its memorandum as regards the objects, the liability of members and the amount of share capital of the company, and the names of the signatories to the memorandum and the number of shares subscribed for by them, and its capital structure. 31. Shelf prospectus. (1) Any class or classes of companies, as the Securities and Exchange Board may provide by regulations in this behalf, may file a shelf prospectus with the Registrar at the stage of the first offer of securities included therein which shall indicate a period not exceeding one year as the period of validity of such prospectus which shall commence from the date of opening of the first offer of securities under that prospectus, and in respect of a second or subsequent offer of such securities issued during the period of validity of that prospectus, no further prospectus is required. (2) A company filing a shelf prospectus shall be required to file an information memorandum containing all material facts relating to new charges created, changes in the financial position of the company as have occurred between the first offer of securities or the previous offer of securities and the succeeding offer of securities and such other changes as may be prescribed, with the Registrar within the prescribed time, prior to the issue of a second or subsequent offer of securities under the shelf prospectus: Provided that where a company or any other person has received applications for the allotment of securities along with advance payments of subscription before the making of any such change, the company or other person shall intimate the changes to such applicants and if they express a desire to withdraw their application, the company or other person shall refund all the monies received as subscription within fifteen days thereof. Head Office: Navi Mumbai Branches: Pune | Kolhapur 27

abm & associates LLP CHARTERED ACCOUNTANTS (3) Where an information memorandum is filed, every time an offer of securities is made under sub-section (2), such memorandum together with the shelf prospectus shall be deemed to be a prospectus. Explanation.—For the purposes of this section, the expression "shelf prospectus" means a prospectus in respect of which the securities or class of securities included therein are issued for subscription in one or more issues over a certain period without the issue of a further prospectus. 32. Red herring prospectus. (1) A company proposing to make an offer of securities may issue a red herring prospectus prior to the issue of a prospectus. (2) A company proposing to issue a red herring prospectus under subsection (1) shall file it with the Registrar at least three days prior to the opening of the subscription list and the offer. (3) A red herring prospectus shall carry the same obligations as are applicable to a prospectus and any variation between the red herring prospectus and a prospectus shall be highlighted as variations in the prospectus. (4) Upon the closing of the offer of securities under this section, the prospectus stating therein the total capital raised, whether by way of debt or share capital, and the closing price of the securities and any other details as are not included in the red herring prospectus shall be filed with the Registrar and the Securities and Exchange Board. Explanation.—For the purposes of this section, the expression "red herring prospectus" means a prospectus which does not include complete particulars of the quantum or price of the securities included therein. Head Office: Navi Mumbai Branches: Pune | Kolhapur 28

abm & associates LLP CHARTERED ACCOUNTANTS 33. Issue of application forms for securities. (1) No form of application for the purchase of any of the securities of a company shall be issued unless such form is accompanied by an abridged prospectus: Provided that nothing in this sub-section shall apply if it is shown that the form of application was issued— (a) (b) (2) in connection with a bona fide invitation to a person to enter into an underwriting agreement with respect to such securities; or in relation to securities which were not offered to the public. A copy of the prospectus shall, on a request being made by any person before the closing of the subscription list and the offer, be furnished to him. 34. Criminal liability for Misstatements in prospectus. Where a prospectus, issued, circulated or distributed under this Chapter, includes any statement which is untrue or misleading in form or context in which it is included or where any inclusion or omission of any matter is likely to mislead, every person who authorises the issue of such prospectus shall be liable under section 447: Provided that nothing in this section shall apply to a person if he proves that such statement or omission was immaterial or that he had reasonable grounds to believe, and did up to the time of issue of the prospectus believe, that the statement was true or the inclusion or omission was necessary. 35. Civil liability for misstatements in prospectus. (1) Where a person has subscribed for securities of a company acting on any statement included, or the inclusion or omission of any matter, in the prospectus which is misleading and has sustained any loss or Head Office: Navi Mumbai Branches: Pune | Kolhapur 29

abm & associates LLP CHARTERED ACCOUNTANTS damage as a consequence thereof, the company and every person who— (a) is a director of the company at the time of the issue of the prospectus; (b) has authorised himself to be named and is named in the prospectus as a director of the company, or has agreed to become such director, either immediately or after an interval of time; (c) is a promoter of the company; (d) has authorised the issue of the prospectus; (e) is an expert referred to in sub-section (5) of section 26, shall, without prejudice to any punishment to which any person may be liable under section 36, be liable to pay compensation to every person who has sustained such loss or damage. (2) No person shall be liable under sub-section (1), if he proves— (a) (b) (3) that, having consented to become a director of the company, he withdrew his consent before the issue of the prospectus, and that it was issued without his authority or consent; or that the prospectus was issued without his knowledge or consent, and that on becoming aware of its issue, he forthwith gave a reasonable public notice that it was issued without his knowledge or consent. Notwithstanding anything contained in this section, where it is proved that a prospectus has been issued with intent to defraud the applicants for the securities of a company or any other person or for any fraudulent purpose, every person referred to in subsection (1) shall be personally responsible, without any limitation of liability, for all or any of the losses or damages that may have been incurred by Head Office: Navi Mumbai Branches: Pune | Kolhapur 30

abm & associates LLP CHARTERED ACCOUNTANTS any person who subscribed to the securities on the basis of such prospectus. 36. Punishment for Fraudulently inducing persons to invest money. Any person who, either knowingly or recklessly makes any statement, promise or forecast which is false, deceptive or misleading, or deliberately conceals any material facts, to induce another person to enter into, or to offer to enter into,— (a) any agreement for, or with a view to, acquiring, disposing of, subscribing for, or underwriting securities; or (b) any agreement, the purpose or the pretended purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the value of securities; or (c) any agreement for, or with a view to obtaining credit facilities from any bank or financial institution, shall be liable for action under section 447. 37. Action by affected persons. A suit may be filed or any other action may be taken under section 34 or section 35 or section 36 by any person, group of persons or any association of persons affected by any misleading statement or the inclusion or omission of any matter in the prospectus. 38. Punishment for personation for acquisition, etc., of securities. (1) Any person who— (a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for, its securities; or Head Office: Navi Mumbai Branches: Pune | Kolhapur 31

abm & associates LLP CHARTERED ACCOUNTANTS (b) makes or abets making of multiple applications to a company in different names or in different combinations of his name or surname for acquiring or subscribing for its securities; or (c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or to any other person in a fictitious name, shall be liable for action under section 447. (2) The provisions of sub-section (1) shall be prominently reproduced in every prospectus issued by a company and in every form of application for securities. (3) Where a person has been convicted under this section, the Court may also order disgorgement of gain, if any, made by, and seizure and disposal of the securities in possession of, such person. (4) The amount received through disgorgement or disposal of securities under subsection (3) shall be credited to the Investor Education and Protection Fund. 39. Allotment of securities by company. (1) No allotment of any securities of a company offered to the public for subscription shall be made unless the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on application for the amount so stated have been paid to and received by the company by cheque or other instrument. (2) The amount payable on application on every security shall not be less than five per cent. of the nominal amount of the security or such other percentage or amount, as may be specified by the Securities and Exchange Board by making regulations in this behalf. (3) If the stated minimum amount has not been subscribed and the sum payable on application is not received within a period of thirty days from the date of issue of the prospectus, or such other period as may be specified by the Securities and Exchange Board, the amount Head Office: Navi Mumbai Branches: Pune | Kolhapur 32

abm & associates LLP CHARTERED ACCOUNTANTS received under sub-section (1) shall be returned within such time and manner as may be prescribed. (5) In case of any default under sub-section (3) or sub-section (4), the company and its officer who is in default shall be liable to a penalty, for each default, of one thousand rupees for each day during which such default continues or one lakh rupees, whichever is less. 40. Securities to be dealt with in stock exchanges. (1) Every company making public offer shall, before making such offer, make an application to one or more recognised stock exchange or exchanges and obtain permission for the securities to be dealt with in such stock exchange or exchanges. (2) Where a prospectus states that an application under sub-section (1) has been made, such prospectus shall also state the name or names of the stock exchange in which the securities shall be dealt with. (3) All monies received on application from the public for subscription to the securities shall be kept in a separate bank account in a scheduled bank and shall not be utilised for any purpose other than— (a) for adjustment against allotment of securities where the securities have been permitted to be dealt with in the stock exchange or stock exchanges specified in the prospectus; or (b) for the repayment of monies within the time specified by the Securities and Exchange Board, received from applicants in pursuance of the prospectus, where the company is for any other reason unable to allot securities. (4) Any condition purporting to require or bind any applicant for securities to waive compliance with any of the requirements of this section shall be void. (5) If a default is made in complying with the provisions of this section, the company shall be punishable with a fine which shall not be less Head Office: Navi Mumbai Branches: Pune | Kolhapur 33

abm & associates LLP CHARTERED ACCOUNTANTS than five lakh rupees but which may extend to fifty lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand rupees but which may extend to three lakh rupees, or with both. 44. Nature of shares or debentures. The shares or debentures or other interest of any member in a company shall be movable property transferable in the manner provided by the articles of the company. 45. Numbering of shares. Every share in a company having a share capital shall be distinguished by its distinctive number: Provided that nothing in this section shall apply to a share held by a person whose name is entered as holder of beneficial interest in such share in the records of a depository. 49. Calls on shares of same class to be made on uniform basis. Where any calls for further share capital are made on the shares of a class, such calls shall be made on a uniform basis on all shares falling under that class. Explanation.—For the purposes of this section, shares of the same nominal value on which different amounts have been paid-up shall not be deemed to fall under the same class. 50. Company to accept unpaid share capital, although not called up. (1) A company may, if so authorised by its articles, accept from any member, the whole or a part of the amount remaining unpaid on any Head Office: Navi Mumbai Branches: Pune | Kolhapur 34

abm & associates LLP CHARTERED ACCOUNTANTS shares held by him, even if no part of that amount has been called up. (2) A member of the company limited by shares shall not be entitled to any voting rights in respect of the amount paid by him under subsection (1) until that amount has been called up. 51. Payment of dividend in proportion to amount paid-up A company may, if so authorised by its articles, pay dividends in proportion to the amount paid-up on each share. 57. Punishment for personation of shareholder. If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any such share warrant or coupon, or receives or attempts to receive any money due to any such owner, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. 58. Refusal of registration and appeal against refusal. (1) If a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities or interest of a member in the company, it shall within a period of thirty days from the date on which the instrument of transfer, or the intimation of such transmission, as the case may be, was delivered to the company, send notice of the refusal to the transferor and the transferee or to the person giving intimation of such transmission, as the case may be, giving reasons for such refusal. (2) Without prejudice to sub-section (1), the securities or other interest of any member in a public company shall be freely transferable: Head Office: Navi Mumbai Branches: Pune | Kolhapur 35

abm & associates LLP CHARTERED ACCOUNTANTS Provided that any contract or arrangement between two or more persons in respect of transfer of securities shall be enforceable as a contract. (3) The transferee may appeal to the Tribunal against the refusal within a period of thirty days from the date of receipt of the notice or in case no notice has been sent by the company, within a period of sixty days from the date on which the instrument of transfer or the intimation of transmission, as the case may be, was delivered to the company. (4) If a public company without sufficient cause refuses to register the transfer of securities within a period of thirty days from the date on which the instrument of transfer or the intimation of transmission, as the case may be, is delivered to the company, the transferee may, within a period of sixty days of such refusal or where no intimation has been received from the company, within ninety days of the delivery of the instrument of transfer or intimation of transmission, appeal to the Tribunal. (5) The Tribunal, while dealing with an appeal made under sub-section (3) or subsection (4), may, after hearing the parties, either dismiss the appeal, or by order— (a) (b) (6) direct that the transfer or transmission shall be registered by the company and the company shall comply with such order within a period of ten days of the receipt of the order; or direct rectification of the register and also direct the company to pay damages, if any, sustained by any party aggrieved. If a person contravenes the order of the Tribunal under this section, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. Head Office: Navi Mumbai Branches: Pune | Kolhapur 36

abm & associates LLP CHARTERED ACCOUNTANTS 59. Rectification of register of members. (1) If the name of any person is, without sufficient cause, entered in the register of members of a company, or after having been entered in the register, is, without sufficient cause, omitted therefrom, or if a default is made, or unnecessary delay takes place in entering in the register, the fact of any person having become or ceased to be a member, the person aggrieved, or any member of the company, or the company may appeal in such form as may be prescribed, to the Tribunal, or to a competent court outside India, specified by the Central Government by notification, in respect of foreign members or debenture holders residing outside India, for rectification of the register. (2) The Tribunal may, after hearing the parties to the appeal under subsection (1) by order, either dismiss the appeal or direct that the transfer or transmission shall be registered by the company within a period of ten days of the receipt of the order or direct rectification of the records of the depository or the register and in the latter case, direct the company to pay damages, if any, sustained by the party aggrieved. (3) The provisions of this section shall not restrict the right of a holder of securities, to transfer such securities and any person acquiring such securities shall be entitled to voting rights unless the voting rights have been suspended by an order of the Tribunal. (4) Where the transfer of securities is in contravention of any of the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992 or this Act or any other law for the time being in force, the Tribunal may, on an application made by the depository, company, depository participant, the holder of the securities or the Securities and Exchange Board, direct any company or a depository to set right the contravention and rectify its register or records concerned. (5) If any default is made in complying with the order of the Tribunal under this section, the company shall be punishable with fine which Head Office: Navi Mumbai Branches: Pune | Kolhapur 37

abm & associates LLP CHARTERED ACCOUNTANTS shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees, or with both. 60. Publication of authorised, subscribed and paid-up capital. (1) Where any notice, advertisement or other official publication, or any business letter, billhead or letter paper of a company contains a statement of the amount of the authorised capital of the company, such notice, advertisement or other official publication, or such letter, billhead or letter paper shall also contain a statement, in an equally prominent position and in equally conspicuous characters, of the amount of the capital which has been subscribed and the amount paid-up. (2) If any default is made in complying with the requirements of subsection (1), the company shall be liable to pay a penalty of ten thousand rupees and every officer of the company who is in default shall be liable to pay a penalty of five thousand rupees, for each default. 65. Unlimited company to provide for reserve share capital on conversion into limited company. An unlimited company having a share capital may, by a resolution for registration as a limited company under this Act, do either or both of the following things, namely— (a) increase the nominal amount of its share capital by increasing the nominal amount of each of its shares, subject to the condition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up; Head Office: Navi Mumbai Branches: Pune | Kolhapur 38

abm & associates LLP CHARTERED ACCOUNTANTS (b) provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up. 69. Transfer of certain sums to capital redemption reserve account. (1) Where a company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to the capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. (2) The capital redemption reserve account may be applied by the company, in paying up unissued shares of the company to be issued to members of the company as fully paid bonus shares. 70. Prohibition for buy-back in certain circumstances. (1) No company shall directly or indirectly purchase its own shares or other specified securities— (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default, is made by the company, in the repayment of deposits accepted either before or after the commencement of this Act, interest payment thereon, redemption of debentures or preference shares or payment of dividend to any shareholder, or repayment of any term loan or interest payable thereon to any financial institution or banking company: Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist. Head Office: Navi Mumbai Branches: Pune | Kolhapur 39

abm & associates LLP CHARTERED ACCOUNTANTS 86. Punishment for contravention. If any company contravenes any provision of this Chapter, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twentyfive thousand rupees but which may extend to one lakh rupees, or with both. 91. Power to Close register of members or debenture holders or other security holders. (1) A company may close the register of members or the register of debenture holders or the register of other security holders for any period or periods not exceeding in the aggregate forty-five days in each year, but not exceeding thirty days at any one time, subject to giving of previous notice of at least seven days or such lesser period

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